Local Bounti

The company's business model is centered on its patented Stack & Flow Technology®, a hybrid system that combines the high-yield density of vertical farming in the initial growth stages with the cost-efficiency of greenhouse cultivation for the final grow-out phase. This approach is designed to optimize capital and operational expenditures while providing ideal growing conditions. Local Bounti's process uses significantly fewer resources than conventional farming, claiming a 90% reduction in both water and land usage. Its produce, which includes living lettuce, herbs, and packaged salad kits, is grown without GMOs, pesticides, or herbicides. Revenue is generated through the sale of these products to food retailers and foodservice distributors. With its produce available in over 10,000 retail locations, the company serves major clients like Kroger, Target, and Walmart.

A significant milestone in the company's history was its entry into the public market in November 2021 through a merger with a Special Purpose Acquisition Company (SPAC), Leo Holdings III Corp, and it now trades on the NYSE under the ticker 'LOCL'. In April 2022, Local Bounti acquired Pete's (formerly Hollandia Produce Group, Inc.) for $122.5 million, a strategic move that immediately expanded its operational footprint and retail distribution network. This acquisition added three greenhouse facilities in California and Georgia to its portfolio, which already included a facility in Montana that became fully operational in 2020. The company has since expanded with facilities in Texas and Washington and aims to achieve positive adjusted EBITDA by early 2025 by integrating its technology across all locations to enhance operational synergies.